Provides a deduction in determining personal income tax for the cost of textbooks at a New York private or public college or university by a taxpayer or such taxpayer's eligible dependent; defines "eligible dependent" and "qualified education expenses".
Summary
Bill A06079 proposes an amendment to New York's tax law that allows taxpayers to deduct the cost of textbooks from their federal adjusted gross income. This deduction applies to textbooks purchased for the taxpayer themselves or for their eligible dependents attending public or private colleges and universities in New York. The bill aims to alleviate some of the financial burdens associated with higher education by providing a tax incentive for educational expenses related to textbooks.
Impact
If enacted, this bill would modify the state's tax code to include provisions for the deduction of textbook costs, potentially lowering the taxable income for many students and their families. This could lead to increased affordability of higher education in New York, encouraging more individuals to pursue college degrees. The bill specifically defines 'eligible dependents' and 'qualified education expenses', which clarifies who can benefit from this tax deduction.
Sentiment
The sentiment surrounding Bill A06079 appears to be generally positive, as it addresses a significant concern for students and families regarding the high costs of education. However, there may be some concerns regarding the fiscal implications of implementing such a tax deduction, particularly how it might affect state revenue.
Contention
Notable points of contention may arise from discussions about the potential impact on state revenue and whether the benefits of the tax deduction will outweigh the costs. Some lawmakers may argue that while the intention is to support education, the state must also consider its budgetary constraints and the overall impact on public funding for higher education.
Provides a deduction in determining personal income tax for the cost of textbooks at a New York private or public college or university by a taxpayer or such taxpayer's eligible dependent; defines "eligible dependent" and "qualified education expenses".
Establishing the education opportunity tax credit to provide an income tax credit for taxpayers with eligible dependent children who are not enrolled in public school.
Establishing the education opportunity tax credit to provide an income tax credit for taxpayers with eligible dependent children who are not enrolled in public school.
Provides gross income tax credit for certain homeschooling expenses incurred by parent or guardian with increased credit for taxpayers homeschooling child or dependent with special needs.
Establishes a college student expense personal income tax credit for a taxpayer or such taxpayer's dependents who are enrolled full-time in an undergraduate college, equal to the amount paid for new and used required textbooks and laptop computers not to exceed one thousand dollars.
This bill allows an individual taxpayer a deduction from gross income for insurance premiums paid for the health care coverage of the taxpayer and the taxpayer's spouse and dependents. The bill makes the deduction available whether or not the taxpayer itemizes other deductions.